PART IIEXERCISE BY DESIGNATED COMPANY OF STRATEGIC INVESTMENT FUNCTIONS

Strategic investment functions3

1

The purpose of this Part is to make provision for, and in connection with, the exercise by a designated company of strategic investment functions in relation to –

a

the Executive; and

b

bodies carrying out major investment projects.

2

In relation to the Executive, “strategic investment functions” means advising the Executive in relation to the formulation and implementation of its programme of major investment projects.

3

In relation to bodies carrying out major investment projects, “strategic investment functions” means –

a

advising those bodies in relation to the carrying out of such projects;

b

assisting those bodies in relation to the carrying out of such projects, including providing research, consultancy, advisory and other services and general assistance; and

c

participating, by agreement with those bodies, in the carrying out of such projects.

4

In particular strategic investment functions (in relation to the Executive and bodies carrying out major investment projects) include advising on –

a

the planning and prioritisation of programmes and projects;

b

the funding of projects, including borrowings for that purpose; and

c

the general implementation of projects (including, in the case of projects of statutory bodies, arrangements for procuring implementation wholly or partly by persons other than statutory bodies).

5

References in this Part to “major investment projects” are to projects which –

a

are of major strategic importance to Northern Ireland (or a part thereof); and

b

involve substantial investment (whether or not provided out of public money).